Current Account Switch Service: Who Qualifies and What You Get
Learn how the Current Account Switch Service helps small business owners move their bank accounts and automate payment transfers.
The Current Account Switch Service is a way for small business owners to move their bank accounts to a new provider with minimal manual effort.
Who it's for
This service is designed for small business owners who are moving their business banking to a new bank.
What you get
When you use this service, your payments and direct debits are transferred to your new account automatically. This helps ensure your regular outgoing payments continue without you having to notify every single provider manually.
What it costs you
The service is free to use. The entire process typically takes about 7 working days to complete.
The catch to know
While most standard payments move over automatically, the service does not always transfer international payment mandates. You may need to contact your international providers separately to ensure those specific payments continue.
How to apply
- Choose your new bank and select the option to switch accounts.
- Use the service to initiate the transfer of your existing account.
- Wait for the automatic transfer of your payments and direct debits to complete.